Trade, Industry and Resources Minister Kim Jung-kwan and Financial Services Commission Chairman Lee Eog-weon attend a public-private meeting on manufacturing AI and industrial financing at Korea Development Bank headquarters in Seoul. Photo by Asia Today
July 1 (Asia Today) -- South Korea plans to provide about 16 trillion won, or $10.3 billion, in policy financing this year to accelerate the adoption of physical artificial intelligence across six advanced industries, financial authorities said Wednesday.
The financing will target artificial intelligence, robotics, future vehicles, defense, semiconductors and secondary batteries. Physical AI refers to technology that allows robots, vehicles and factory equipment to perceive their surroundings, make decisions and perform tasks in the physical world.
The Financial Services Commission and the Ministry of Trade, Industry and Resources announced the initiative during a public-private meeting at Korea Development Bank headquarters in Seoul.
Officials met with representatives from manufacturing companies, financial institutions and technology organizations to discuss prospective projects under the National Growth Fund-M.AX Frontier Project.
